DENVER, Colo. — In just two weeks, equity crowdfunders have reserved shares for more than $4 million via StartEngine.com/Startup/XTI to support development of an airplane with the speed, range, and comfort of a business jet and the ability to take off and land like a helicopter.
XTI Aircraft Company (XTI) is pioneering the use of crowdfunding for commercial airplane development, and at the same time continuing its engineering work on the TriFan 600.
“The response to our announcement of the equity crowdfunding plan and to this revolutionary aircraft itself has been overwhelming,” said XTI Vice Chairman Jeff Pino. “People are captivated and excited by the world of possibilities this aircraft presents. They recognize that this could be a once-in-a-lifetime opportunity and want to get involved early as stakeholders.”
Individual reservations have ranged from $250 to more than $200,000, company officials note.
XTI is currently gauging potential shareholder interest under the terms of Regulation A, popularly referred to as Reg A+, of the JOBS Act, and will decide later this year whether to file an application for a financing to be qualified by the Securities and Exchange Commission (SEC). If qualified, XTI will then open the door to official share purchases on the StartEngine website to begin as soon as year end.
XTI is also raising funds through venture capital, private equity and accredited investors, while finalizing diligence on its technical solution and starting discussions with vendors that will lead to building a prototype, company officials report.
In development for over two years, the six-seat TriFan 600 will be a certified vertical takeoff airplane with speed, range and comfort comparable to that of a business jet.
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Likely when promoters are looking for funding they can not divulge that kind of technical information. However, just get some industry clout like former aviation executives for name sake to babble on what a great idea it is. Name dropping usually works until enough investor money is deposited. They should secure Russell Meyer ll, he is always looking to promote himself. But, word of caution, he tends to borrow money from the corporation to finance his own future endeavours’ without the stock holders approving it. But to keep it somewhat legal he uses coercion to convince board members to join in.
So sad that this is seeing support and pulling potential funding from real aircraft projects. Moeller in the making. When will these dreamers learn the square-cube law and quit relying on R/C airplanes to predict performance of larger aircraft. Sheesh.
Joe, I tend to agree with you. That’s why I am politely asking for specifics. The Bell X-22 showed this configuration ( something similar i.e. 4 fans) to be possible. It also showed that it wasn’t very practical.
I don’t think concepts like these are actually meant to fly, (or even get built, for that matter) as much as they are to attract investment dollars.
Does anyone know what the projected price guess is for this aircraft? I didn’t see anything on their website. Also, what type of cross-shafting arrangement are they planning for 3 fans and 2 engines?